Chicago Atlantic

Day-to-day investment decisions are made by co-founders and managing partners John M. M. Smith and Peter J. Nelson. Both have prior experience in private credit and banking (public record). The firm's investment committee includes other partners.

Chicago Atlantic originates loans directly through a network of relationships with private equity sponsors, independent sponsors, and owner-operators. The firm does not participate in broadly syndicated loan markets and focuses on club deals and bilateral transactions (per the firm's marketing materials).

Chicago Atlantic is structured as a registered investment adviser and asset manager, not a family office. It raises capital from institutional limited partners, including endowments, foundations, and pension funds, alongside family offices.

The firm targets direct lending to middle-market companies, typically providing senior secured credit for leveraged buyouts, recapitalizations, growth financings, and add-on acquisitions. The average EBITDA of portfolio companies is between $10 million and $50 million (per the firm).

Chicago Atlantic primarily commits capital to its own direct lending vehicles and co-investment funds. It does not act as a fund-of-funds, but it may coinvest alongside its LPs in specific transactions.

The firm avoids lending to highly regulated or cyclical sectors such as energy, mining, and cannabis, as well as companies with international exposure outside North America (per the firm's public materials).

Chicago Atlantic operates as a standalone independent firm with no disclosed ties to a parent organization or spinout from a larger institution. The co-founders have prior careers at other credit firms but founded Chicago Atlantic independently in 2019.